Trade policy

摘要

Venezuela has traditionally run trade surpluses, because of sustained high prices for its exports of crude and refined petroleum, which have accounted for the vast majority of the country's exports for many years. The collapse in global crude oil prices in 2014-16 caused Venezuela's export revenues to plummet during the period while forcing a contraction in imports. Although oil prices began to recover in 2016, Venezuela's production and export activity have remained surpressed, initially stemming from mismanagement and underinvestment in the country's oil sector but now also due to the tightening of US sanctions and the onset of the coronavirus (Covid-19) pandemic. OPEC reports that daily production of crude oil in Venezuela averaged 1m barrels/day in 2019, down from 1.5m b/d in 2018 and 2m b/d in 2017. The value of the country's petroleum exports amounted to US$22.5bn in 2019, down from US$347bn in 2018 and US$31.5bn in 2017. Venezuela is a member of OPEC, whose other members include Algeria, Angola, Congo Republic, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia and the UAE.